Goodbye 2014, Welcome 2015 : Mumbai real estate gets infrastructure boost

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Goodbye 2014, Welcome 2015: 
Mumbai real estate gets infrastructure boost, unlocked land

Mumbai’s real estate didn’t undergo major policy changes or reforms but it continued to be India’s most desirable place for millionaires, housing over 2000 of the richest people on earth.

In fact, Magicbricks data also indicated the same as it continued to be the most preferred city for outright purchase and rent across India throughout the year. At the same time, affordable property options in the city moved towards the peripheries, causing disappointment among the middle-class segment.

However, the good news is that positive sentiments hovered around Mumbai realty, anticipating reforms from the BJP government. What else impacted the realty here? Here’s a roundup of the year that was:

Land unlocked

From the coastal zone to private forest land, Mumbai city saw new land being unlocked for real estate development, majorly for residential projects. The recently revoked ban on Powai’s ‘No development zone’ for building convention centres and entertainment hubs is expected to relieve pressure on existing resources in Bandra West. Similarly, coastal regulation zone in Mahim will be bringing new sea facing homes to the city. Nahur, Mulund and Bhandup are other areas which had private forest land that got released for construction.

What to expect: The soon to be announced Bombay Port Trust land is also expected to be freed for development. However, it is still not decided whether it will be utilised for residential or commercial purposes.

Infrastructural improvements

The Santa Cruz-Chembur Link Road (SCLR), Versova-Andheri-Ghatkopar Metro, Eastern Freeway and Wadala-Chembur Monorail are four key infrastructural developments which improved the travelling experience of Mumbaikars. This resulted in increased pricing in the Eastern Suburbs. Moving towards South Mumbai became easy through the Eastern Freeway while SCLR eased the traveling experience towards the Bandra-Kurla Complex. Similarly, the Versova-Andheri-Ghatkopar Metro connected the Western Suburbs to the eastern and the Wadala-Chembur Monorail brought life back to central localities of Mumbai.

What to expect: Expansion of the Monorail Phase II which will connect Jacob Circle to Chembur, once again changing the dynamics of the Central Line regions.

Jawaharlal Nehru Port Trust (JNPT) SEZ

As soon as PM Narendra Modi laid the foundation stone of the Rs 4,000 crore SEZ in Navi Mumbai, the realty here pinned hopes on jobs to be created. Lack of employment in the region is holding back the housing demand here, believes the real estate fraternity. Interestingly, localities such as Ulwe and Dronagiri have ample land banks available for housing, but hardly any demand. With more opportunities and availability of high paying jobs, the area is expected to attract buyers from an entirely different segment, which till now limited were limited to premium localities of Mumbai.

What to expect: CIDCO is expected to allot more land for Special Economic Zones (SEZs) and residential real estate development in Navi Mumbai. Infrastructure development in Ulwe is expected to boost the realty here, which is currently undergoing a down phase.

Peripheral areas

As properties in Mumbai and the Western Suburbs have reached ‘unaffordable’ levels, affordability moved to the fringe areas beyond Thane, Navi Mumbai and even to Palghar. The newly declared district of Palghar saw project launches from prominent realty brands in budgets as low as Rs 9 lakh. Similarly, this year, Badlapur remained popular for property purchase in a budget range of below Rs 20 lakh. Panvel also saw launches of villa projects within Rs 40 lakh.

What to expect: Better transportation coupled with quality construction in fringe locations is expected to push the mid-segment buyers here. New infrastructure is the need of the hour.

- Yearender

Source :- magicbricks

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